NOV Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>NOV Inc. has submitted its annual 10-K filing for the fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

NOV Inc. (NOV) filed a Annual Report (10-K) with the SEC on February 14, 2024. NOV Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 10353 Richmond Ave., Houston, TX 77042. NOV Inc. was formerly known as National Oilwell Varco Inc. and National Oilwell Inc. The filing includes data related to various segments such as Wellbore Technologies and Completion and Production Solutions.

Why It Matters

For investors and stakeholders tracking NOV Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of NOV Inc.'s financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed information within the filing, including segment performance and risk factors, allows stakeholders to understand the company's exposure to market dynamics and operational challenges within the oil and gas machinery and equipment sector.

Risk Assessment

Risk Level: medium — NOV Inc. shows moderate risk based on this filing. The company operates in the oil and gas sector, which is subject to significant price volatility and geopolitical risks, as indicated by the mention of various country-specific data points and segment performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand NOV Inc.'s performance and outlook in the cyclical oil and gas industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-14 — Filing Date (Filed as of date)
• 121 — Public Document Count (Document count)
• 3533 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• NOV Inc. (company) — Filer name
• National Oilwell Varco Inc (company) — Former company name
• National Oilwell Inc (company) — Former company name
• 10353 Richmond Ave. (address) — Business address
• Houston (location) — Business address city
• TX (location) — Business address state
• 77042 (postal_code) — Business address zip
• 346-223-3000 (phone_number) — Business phone

FAQ

Industry Context

NOV Inc. operates in the Oil & Gas Machinery & Equipment industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review NOV Inc.'s consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the segment information, particularly for Wellbore Technologies and Completion and Production Solutions.
3. Examine any disclosed risk factors related to the oil and gas industry and the company's operations.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share NOV New York Stock Exchan
• $71 — rgy Agency estimates that approximately $71 trillion, or $3.4 trillion per year, mu
• $3.4 — tes that approximately $71 trillion, or $3.4 trillion per year, must be spent by 204

Filing Documents

• nov-20231231.htm (10-K) — 4545KB
• nov-ex21_1.htm (EX-21.1) — 217KB
• nov-ex23_1.htm (EX-23.1) — 26KB
• nov-ex31_1.htm (EX-31.1) — 10KB
• nov-ex31_2.htm (EX-31.2) — 13KB
• nov-ex32_1.htm (EX-32.1) — 6KB
• nov-ex32_2.htm (EX-32.2) — 6KB
• nov-ex95.htm (EX-95) — 84KB
• nov-ex97.htm (EX-97) — 40KB
• img79568310_0.jpg (GRAPHIC) — 3KB
• img79568310_1.jpg (GRAPHIC) — 267KB
• img79568310_2.jpg (GRAPHIC) — 410KB
• 0000950170-24-015145.txt (&nbsp;) — 21894KB
• nov-20231231.xsd (EX-101.SCH) — 2139KB
• nov-20231231_htm.xml (XML) — 4985KB

B USINESS

ITEM 1. B USINESS General NOV Inc. ("NOV" or the "Company") is a leading independent equipment and technology provider to the global energy industry. Originally founded in 1862, NOV and its predecessor companies have spent 162 years helping transform oil and gas field development and improving its cost-effectiveness, efficiency, safety, and environmental impact. Over the past few decades, the Company has pioneered and refined key technologies to improve the economic viability of frontier resources, including unconventional and deepwater oil and gas. More recently, by applying its deep expertise and technology, the company has helped advance the transition toward sustainable energy. NOV's extensive proprietary technology portfolio supports the industry's full-field drilling, completion, and production needs. With unmatched cross-segment capabilities, scope, and scale, NOV continues to develop and introduce technologies that further enhance the economics and efficiencies of energy production, with a focus on automation, predictive analytics, and condition-based maintenance. NOV serves major-diversified, national, and independent service companies, contractors, and energy producers in 61 countries. Prior to January 1, 2024, NOV, operated under three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. Effective January 1, 2024, NOV consolidated its reporting structure into two segments: Energy Equipment and Energy Products and Services. Business Strategy and Competitive Strengths NOV's primary business objective is to generate above-average, long-term capital returns and further enhance its position as a leading independent global energy technology and equipment provider by delivering technologies, equipment, and services that help lower the marginal cost and environmental footprint associated with energy development and production from oil, gas, and renewable sources. NOV's strategy is to capitalize on economies of scal